Electric Scooters Market Size & Growth (2019 - 2025)
According to the latest market research report, the size of the global market for electric scooters was estimated at USD 15.31 billion in 2019 and is predicted to show a CAGR of 7.6% from 2019 to 2025.
The market is mainly fueled by tax exemptions on green vehicles, growing concerns about the increase in carbon emissions, the low maintenance cost of electric two-wheelers and a favourable regulatory environment. Globally, the increase in greenhouse gas (GHG) emissions has been a major concern for environmentalists and governments. This concern has led to an increase in overall sales of electric two-wheelers and their adoption worldwide, thus acting as a key driver of market growth.
Demand for the global electric scooter market is increasing due to the desperate need to control global levels of air pollution. Electric scooters are manufactured with special technology with rechargeable batteries driving the vehicle motors. This scooter is gaining popularity in several regions due to its efficiency in fuel, its smooth operation and its appealing respect for the environment. If you develop a more powerful and steady electric motorcycle, you are expected to buy this vehicle in large vehicles. In addition, it is expected that the efforts of international environmental groups that promote electric vehicles will stimulate the demand of the world market for electric scooters.
Electric scooters have made excellent progress in the field of electric vehicles, and electric scooters are expected to significantly increase the adoption rates of electric vehicles in the coming years. Given the dynamics mentioned above, it is reasonable to expect the global electric scooter market to expand to CAGR over the next few years. Motorbikes and electric motorcycles are less effective than conventional motorcycles and hinder the growth of the market. With a minimal production and a shorter scope, the adoption of electric motorcycles is in an initial phase in many countries.
In addition, the high cost associated with batteries also limits the growth of sales to a certain extent increasing the initial cost of the vehicle. One of the main opportunities in the motorcycle market is the food and beverage supply sector. With the growing demand for food and beverage outlets and delivery options around the world, scooters and electric motorcycles are economical, they save on maintenance and respect the environment. It also helps reduce the maintenance and service costs of fuel-based vehicles.
This research report on the Global Electric Scooters Market has been segmented & sub-segmented into the below categories:
Electric Scooters Market Analysis - By Products
On the basis of the products, in terms of value, the electric scooter had a greater market share, representing more than 95% of the market in 2017 and it is expected that it will continue to dominate the market in the coming years. The domain is backed by strong demand for electric scooters and mopeds in the Asia-Pacific region (APAC).
Electric Scooters Market Analysis - By Battery
- Acid Lead (SLA)
- Lithium-Ion (Li-Ion) Sealing
On the basis of the battery, Electric scooters equipped with SLA batteries dominated the market due to their lower price compared to scooters equipped with lithium-ion batteries. However, in recent years, the overall price of lithium-ion batteries has been significantly reduced. In addition, lithium-ion batteries have a longer life (more than 2,000 charge cycles) compared to SLA batteries (up to 400 charge cycles). Also, lithium-ion batteries can be charged faster (1 to 2 hours) than SLA batteries (7 to 8 hours). Apart from this, SLA batteries have higher environmental risks than lithium-ion batteries. As a result of these factors, the Li-ion two-wheeled electric vehicle market is expected to grow significantly during the forecast period.
Electric Scooters Market Analysis - By Region
- North America - US, Canada, Mexico and Rest of North America
- Europe - UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic and Rest of Europe
- APAC - India, China, Japan, South Korea, Australia, New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore and Rest of APAC
- Latin America - Brazil, Argentina, Chile and Rest of Latin America
- Middle East and Africa - KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA
Regionally, the Asia-Pacific region was the dominant market and reached 13.14 billion dollars in 2018. This market was mainly driven by manufacturers from Japan, China, India and Indonesia. China is at the forefront of global sales and production capacity. In addition, local markets are increasingly active due to population growth, increased traffic, reduced prices for electric vehicles and concerns about the environment. In addition, innovation and R & D will continue to be a great help for this market. North America is expected to show a CAGR of 14.7% per annum between 2019 and 2025. It is expected that the increase in investment in vehicle recharge infrastructures and support for innovative high-battery research Density contribute to regional growth.
Some of the key market participants dominating the Electric Scooters Market Profiled in the Report are:
- VMoto Limited
- Alta Motors
- Bayerische Motoren Werke AG
- Energica Motor Company
- Hero Electric Vehicles Pvt Ltd
- Mahindra Genze
- Ampere Vehicles Pvt Ltd
- Govecs Group
- Amego Electric Vehicles